Category: Industry
Sri Lanka Aggressor Safari Lodge begins operations
(PRESS RELEASE) – The Sri Lanka Aggressor Safari Lodge situated close to Wilpattu National Park in the North of Sri Lanka, officially opened for business this week with their first group of American Tourists. This is the first Safari Lodge to be opened in Sri Lanka for the USA Aggressor Luxury Franchise Group. The lodge has […]
‘s Melwa Hotels and Resorts
May 03, 2018 (LBO) – The International Finance Corporation, a member of the World Bank Group,is investing US 27 million dollars in Melwa Hotels and Resorts Private Limited towards the development of 3 hotels across Sri Lanka. The investment will increase Sri Lanka’s capacity in the tourism sector, create jobs, and generate more foreign exchange, the […]
‘s first electric vehicle plant
May 03, 2018 (LBO) – Tokyo based high-tech research and development startup is planning Sri Lanka’s first ever large, industry scale electric vehicle (EV) manufacturing facility. The proposed EV manufacturing operation is to take off by producing Sri Lanka’s first ever smart, “EV tuk-tuks.” The startup from Tokyo is also setting up international standard EV […]
Planters’ Association hails decision to lift ban on glyphosate
May 02, 2018 (LBO) – The Planters’ Association of Ceylon (PA) issued a statement commending yesterday’s Government decision to lift the arbitrary ban on the importation of glyphosate-based weedicides in view of the overwhelming scientific consensus that the substance is not harmful to human health. At the outset we wish to express our sincere and […]
Mobitel to host Google I/O Extended Sri Lanka 2018
May 02, 2018 (LBO) – Sri Lanka’s National Mobile Service Provider, Mobitel is organizing the biggest tech event of the year, the Google I/O Extended on the 8th of May 2018 for the 5th time in Sri Lanka. Mobitel said the event will be held at Stein Studio complex Ratamalana. This is one of the most […]
Dinesh Weerakkody appointed as new Chairman of Hatton National Bank
May 01, 2018 (LBO) – Dinesh Weerakkody has been appointed as the new Chairman of Hatton National Bank with effect from 26 May 2018. The new appointment came after the retirement of the incumbent Chairman Rienzie Arseculeratne having reached the age of 70 years. Dinesh Weerakkody joined the Board of HNB on 29 June 20I7 as […]
‘s telco merger to relieve competitive pressure: Fitch
May 01, 2018 (LBO) – The merger between Hutchison Telecommunications Lanka (Private) Ltd and Etisalat Lanka (Private) Ltd is likely to relieve some competitive pressures that have undermined Sri Lankan telecom companies’ revenue and EBITDA growth in recent years, Fitch Ratings said.. However, the merger is unlikely to affect the ratings on market leaders Sri […]
Jude Fernando to head Janashakthi
May 01, 2018 (LBO) – Sri Lanka’s Janashakthi Insurance PLC announced the appointment of Jude Fernando as the company’s Director / Chief Executive Officer with effect from 1st May 2018. Having divested its General Insurance business earlier this year, Janashakthi has focused its efforts on the country’s underpenetrated Life Insurance segment.With Jude at the helm, […]
DFCC group profits drop in Q1 2018
May 01, 2018 (LBO) – Sri Lanka’s DFCC Group recorded a profit before tax of 1,545 million rupees and profit after tax of 1,110 million rupees as compared to 1,647 million rupees and 1,301 million rupees respectively in the comparative period in 2017. BANK RESULTS Income Statement The Bank reported a profit before tax of […]
Pan Asia Bank posts Rs 498 mn PBT in 1Q
(PRESS RELEASE) – Pan Asia Banking Corporation PLC reported Rs 498 million in profit before tax for the quarter ended in March 31, 2018 (1Q’18) powered by a steady growth in new loans and improvement in overall margins which was resulted by prudent asset – liability pricing amidst rising market interest rates. This enabled the bank […]
China Harbour Engineering to construct 7-star Achilleion project
Apr 27, 2018 (LBO) – Sri Lankan real estate player Blue Mountain has signed an agreement with China Harbour Engineering Company Ltd. (CHEC) to build Achilleion, its Seven Star Luxury Project. Press release issued by Blue Mountain Apartments is reproduced below. In a historic move, Sri Lanka’s real estate major, Blue Mountain, has signed an agreement with […]
CK Hutchison and Etisalat Group to merge Sri Lanka operations
Apr 26, 2018 (LBO) – CK Hutchison Group and Emirates Telecommunications Group Company PJSC (“Etisalat Group”) have entered into a definitive agreement to merge their mobile telecommunications businesses in Sri Lanka. They will operate under Hutchison Telecommunications Lanka (Private) Limited (“Hutch Lanka”) and Etisalat Lanka (Private) Limited (“ESL”) respectively.The combined business of Hutch Lanka and ESL […]